Welcome

well that's what i have:

that's how the bike looked like, you can those pretty cheap here. i am using just some minor components form it and of course the frame which is in very good condition.

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i am not in very funky colours the bike is going to be all black and white. so let's see, if it's bad i and i will like cycling around the city i will buy new frame too and pay the hipsters price:D

That bike looks in great condition for being 50 years old (from what I can see), I think you shouldn't touch it if its all working and original/contemporary with the frame, maybe sell it and get yourself a cheap track frame like ed said. If it's all original, its only all original once.